Germany’s largest landlord has secured more than €1bn in profits for the first time with a total of €1.07bn. This company’s real estate portfolio grew around €10bn over the course of 2018 to €44.2bn thanks to its acquisitions of housing companies in Austria and Sweden. Profits, meanwhile, are being driven by rapidly rising rent levels, which now stand at an average of €6.52 per sqm/month. Vonovia’s success comes at a time when large-scale private sector landlords are coming under fire from some cities because of dramatic increases in the cost of residential space. Vonovia boss Rolf Buch has said Germans are genuinely concerned about their future, but that the solution must be a collaborative effort between stakeholders.
